Which of the Following Correlations Between Annual Income and Education

question 70

Multiple Choice

Which of the following correlations between annual income and education level would best enable you to predict annual income on the basis of level of education?

• A) +0.05
• B) -0.01
• C) +0.10
• D) +0.50

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Definitions:

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a certain period.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given time period.

Surplus

The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific price.

Quantity Supplied

The total amount of a particular good or service that producers are willing and able to sell at a given price over a specified period.